Navy Federal No Doc Business Loans: Do They Exist?

Does Navy Federal Credit Union offer no-doc loans?

No. A “no-doc” loan is a type of small business loan that requires little to no documentation from borrowers, such as financial statements or tax returns, for approval.

There is a trend of online gurus claiming that Navy Federal Credit Union offers no-doc business loans. However, we’ve confirmed with a customer service representative at the company that it requires you to submit traditional paperwork during the application process.

If you’re looking for a no-doc loan, search our no-doc business loans guide.

What makes Navy Federal Credit Union business loans shine?

Navy Federal Credit Union stands out because it offers business loans specifically to military service members, veterans and their families. Navy Federal Credit Union offers multiple financing options for small businesses, including real estate loans, lines of credit, term loans and vehicle loans.

As a business member, you get access to a network of accountants, attorneys, insurance agents and other professionals to help grow your business.

Where Navy Federal Credit Union falls short

Navy Federal’s biggest drawback is its contradictory customer reviews. In the past three years, nearly 2,000 complaints have been reported to the Better Business Bureau (BBB). It’s also only an option for military members, veterans and their families.

Plus, this lender has a much longer turnaround time for loan approval than some other lenders, with up to five business days for approval. Borrowers may want to look for lenders with a more consistent track record of customer reviews.

Navy Federal Credit Union business loan details

Commercial Real Estate Loans

Secured Term Loans

Business Lines of Credit

How to qualify for Navy Federal Credit Union business loans

Navy Federal Credit Union only lists general requirements that apply to all types of funding:

• Business tax returns under existing ownership
• Personal guarantee
• Personal credit check

The qualifications you need vary based on the type of funding you apply for and likely include more than the list above.

How to apply

1. Get a business membership with Navy Federal.
2. Follow instructions for your particular loan type, and submit an online or print application.
3. Receive an update within up to five days.
4. Accept your loan offer.

How Navy Federal Credit Union compares to other lenders

1 - 6 of 6

Updated regularly

Name	Product USFBL	Filter Values	Min. Amount	Max. Amount	APR	Requirements
Olympus Business Capital Finder Score: 4.4 / 5: ★★★★★ Olympus Business Capital Finder Score: 4.4 / 5: ★★★★★			$500	$250,000	Not stated	Been in business for 6 months registered with the state, active and open bank account in business name, have $10,000 of revenue each month	No credit needed. Funding up to $250,000 with a variety of finance options to best fit your business needs.	Go to site Compare	loading Fetching your data...
$10M+ funded! Lendio business loans Finder Score: 4.8 / 5: ★★★★★ Lendio business loans Finder Score: 4.8 / 5: ★★★★★			$1,000	$10,000,000	Varies by lender	Operate business in US or Canada for 6 months or more, have a business bank account, minimum 520 personal credit score, at least $8,000 in monthly revenue.	Submit one simple application to potentially get offers from a network of over 75 legit business lenders.	Go to siteMore Info Compare	loading Fetching your data...
Fundera business loans Finder Score: 4.9 / 5: ★★★★★ Fundera business loans Finder Score: 4.9 / 5: ★★★★★			$2,500	$5,000,000	Varies based on lenders	$60,000+ of annual revenue, 550+ personal credit score, in business for 6+ months	Get connected with short-term funding, SBA loans, lines of credit and more.	Go to siteMore Info Compare	loading Fetching your data...
Fora Financial business loans Finder Score: 4.5 / 5: ★★★★★ Fora Financial business loans Finder Score: 4.5 / 5: ★★★★★			$5,000	$1,500,000	Varies	6+ months in business, $25,000+ gross monthly sales, no open bankruptcies	Get qualified for funding in minutes for up to $1,500,000 without affecting your credit score. Best for companies with at least six figures in annual revenue.	Go to siteMore Info Compare	loading Fetching your data...
National Funding business loans Finder Score: 4.6 / 5: ★★★★★ National Funding business loans Finder Score: 4.6 / 5: ★★★★★			$5,000	$500,000	Undisclosed	In business 6+ months and make at least $250,000 in annual sales. Other loan types have additional requirements.	Working capital loans and equipment financing, some high-risk industries may be eligible.	Go to site Compare	loading Fetching your data...
American Express® Business Line of Credit Finder Score: 4.4 / 5: ★★★★★ American Express® Business Line of Credit Finder Score: 4.4 / 5: ★★★★★			$2,000	$250,000	N/A	Minimum FICO score of at least 660 at the time of application, have started your business at least a year ago, and an average monthly revenue of at least $3,000	Access lines of credit for your small business even if you aren't currently an Amex customer.	Go to siteMore Info Compare	loading Fetching your data...

loading

Navy Federal Credit Union reviews and complaints

While both are reputable sources, there is a clear contradiction between reviews on Trustpilot and the BBB. Customers on Trustpilot report positive experiences with an easy application process and helpful customer service.

However, over 900 complaints have been filed on BBB in the past 12 months alone. Customers report poor experiences with customer service. Several complaints mention that Navy Federal Credit Union is not helpful when faced with situations like fraudulent transactions. It’s important to note that these reviews are for Navy Federal Credit Union as a whole and not just its business loan offerings.

Is Navy Federal Credit Union business loans legit?

Navy Federal Credit Union has been serving members of the Armed Services, veterans and their family members since 1933. It offers full-service banking, including credit cards, checking accounts, savings accounts and business loans. Although it has mixed reviews, Navy Federal Credit Union has decent resources to consider for financing your business needs if you meet its qualifications.

Frequently asked questions

Does Navy Federal offer other types of loans?

Yes, Navy Federal also offers personal loans, auto loans, mortgages, home equity financing and student loans.

How can I become a business member?

You can visit the Become a Business Member page and follow four steps to join.

Can I apply for a loan greater than $50,000?

You can speak to a lending representative who can explain the application process and requirements for loans over $50,000.

Will Navy Federal Credit Union check my personal credit for a business loan?

Yes, Navy Federal Credit Union considers your personal credit score during its decision process.